Innovision Ltd IPO
Miscellaneous
Price Band
₹494 – ₹519
Lot Size
27
Minimum Bid Quantity
27
Minimum Investment
₹14013
Issue Size
₹322.84Cr
Opens
2026-03-10
Closes
2026-03-17
Listing
23-03-2026
Subscription Status
Qualified Institutional Buyers
13.65 x
Non-Institutional Investor
8 x
Retail Individual Investor
0.52 x
Total
3.2 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0ADB01012
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Innovision Limited is in the business of providing manpower services, toll plaza management, and skill development training across India. The company commenced operations in 2007 with manned private security services and later expanded into integrated facility management (IFM), manpower sourcing and payroll services, skill development training (from fiscal 2014), and toll plaza management (from fiscal 2019). Its manpower services include private security, hard and soft facility management, recruitment, temporary staffing, and payroll processing. The toll plaza management segment involves user fee collection and related operations at toll plazas, primarily for the National Highways Authority of India (NHAI). The skill development segment delivers vocational and technical training under various central and state government schemes. Through its subsidiaries, the company also provides recruitment and visa facilitation services and conducts DGCA-certified remote pilot training courses. As of January 15, 2026, the company operated in 23 states and 5 Union Territories across India. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Repayment or pre-payment, in part or in full, of all or certain borrowings availed by the company – Rs 51 crore Funding the working capital requirements of the company – Rs 119 crore General corporate purposes
Pros
- • The company claims to operate through 39 offices across India, with operations in 23 states and 5 Union Territories as of January 15, 2026. It is licensed under the Private Security Agencies (Regulation) Act (PSARA) in 19 states and 4 Union Territories. This regulatory coverage enables it to provide manned private security services across multiple jurisdictions.
- • The company claims to operate a PSARA-compliant training centre at Rewari, Haryana, spread over about 3,000 square yards. The facility is supported by certified trainers and is used for providing mandatory training to security personnel in accordance with regulatory requirements.
- • Innovision provides manned private security, integrated facility management (IFM), and manpower sourcing and payroll services. As of January 15, 2026; September 30, 2025; March 31, 2025; March 31, 2024; and March 31, 2023, 6, 10, 9, 7, and 5 clients, respectively, have availed the complete stack of manpower services from the company, indicating cross-utilisation of its service segments.
Cons
- • The company has received multiple show cause notices and debarment orders from NHAI in relation to alleged fraudulent practices at the Paschim Madati Toll Plaza, West Bengal, including allegations of use of parallel software and breach of contractual obligations, resulting in termination of contract and encashment of performance securities. Adverse outcome of the ongoing debarment proceedings initiated by key clients, particularly NHAI, may adversely affect the company’s business.
- • The company was debarred by Gujarat Gas Limited for a period of one year in February 2025 for submission of a false completion certificate by an employee, which was subsequently revoked upon payment of Rs 0.20 crore. Additionally, NHAI had issued a notice dated October 31, 2025, seeking termination of a manpower services contract and debarring the company for one year, which was later quashed by the Punjab & Haryana High Court; however, NHAI has been granted liberty to initiate fresh proceedings. Recurrence of such debarment actions, blacklisting, or encashment of performance guarantees could materially affect the company’s ability to secure new contracts, damage its reputation, and adversely impact its cash flows and financial condition.
- • NHAI has debarred the company for a period of one year from undertaking new projects. But this order has been stayed by the Delhi High Court, and the matter is pending adjudication. Any adverse decision may restrict the company from bidding for new NHAI toll projects and may result in deferment or rescheduling of utilisation of funds proposed to be deployed towards working capital requirements, thereby impacting its revenue and financial position.
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